280.01 – Short Title.
280.01 Short title.—This chapter may be cited as the “Florida Security for Public Deposits Act.” History.—s. 3, ch. 81-285.
280.02 – Definitions.
280.02 Definitions.—As used in this chapter, the term: (1) “Affiliate” means an entity that is related through a parent corporation’s controlling interest. The term also includes a financial institution holding company or a subsidiary or service corporation of such holding company. (2) “Alternative participation agreement” means an agreement of restrictions that a qualified public depository completes as an […]
280.03 – Public Deposits to Be Secured; Prohibitions; Exemptions.
280.03 Public deposits to be secured; prohibitions; exemptions.— (1)(a) All public deposits shall be secured as provided in this chapter when public depositors comply with the requirements of this chapter. (b) Public deposits shall be made in a qualified public depository unless exempted by law. (2) Public funds shall not be deposited directly or indirectly in negotiable certificates of […]
280.04 – Collateral for Public Deposits; General Provisions.
280.04 Collateral for public deposits; general provisions.— (1) The Chief Financial Officer shall determine the collateral requirements and collateral-pledging level for each qualified public depository following procedures established by rule. These procedures must include numerical parameters for 25-percent, 50-percent, 110-percent, and 150-percent pledge levels based on nationally recognized financial rating services information and established financial performance guidelines. […]
280.041 – Collateral Arrangements; Agreements, Provisions, and Triggering Events.
280.041 Collateral arrangements; agreements, provisions, and triggering events.— (1) Eligible collateral listed in s. 280.13 may be pledged, deposited, or issued using the following collateral arrangements as approved by the Chief Financial Officer for a qualified public depository or operating subsidiary, if one is used, to meet required collateral: (a) Regular custody arrangement for collateral pledged to the […]
280.05 – Powers and Duties of the Chief Financial Officer.
280.05 Powers and duties of the Chief Financial Officer.—In fulfilling the requirements of this act, the Chief Financial Officer has the power to take the following actions he or she deems necessary to protect the integrity of the public deposits program: (1) Perform financial analysis of any qualified public depositories. (2) Require collateral, or increase the collateral-pledging level, […]
280.051 – Grounds for Suspension or Disqualification of a Qualified Public Depository.
280.051 Grounds for suspension or disqualification of a qualified public depository.—A qualified public depository may be suspended or disqualified or both if the Chief Financial Officer determines that the qualified public depository has: (1) Violated any of the provisions of this chapter or any rule adopted by the Chief Financial Officer pursuant to this chapter. (2) Submitted reports […]
280.052 – Order of Suspension or Disqualification; Procedure.
280.052 Order of suspension or disqualification; procedure.— (1) The suspension or disqualification of a bank or savings association as a qualified public depository must be by order of the Chief Financial Officer and must be mailed to the qualified public depository by registered or certified mail. (2) The Chief Financial Officer shall notify, by first-class mail, all public […]
280.053 – Period of Suspension or Disqualification; Obligations During Period; Reinstatement.
280.053 Period of suspension or disqualification; obligations during period; reinstatement.— (1)(a) The Chief Financial Officer may suspend a qualified public depository for any period that is fixed in the order of suspension, not exceeding 6 months. For the purposes of this section and ss. 280.051 and 280.052, the effective date of suspension or disqualification is that date […]
280.054 – Administrative Penalty in Lieu of Suspension or Disqualification.
280.054 Administrative penalty in lieu of suspension or disqualification.— (1) If the Chief Financial Officer finds that one or more grounds exist for the suspension or disqualification of a qualified public depository, the Chief Financial Officer may, in lieu of suspension or disqualification, impose an administrative penalty upon the qualified public depository. (a) With respect to any nonwillful […]
280.055 – Cease and Desist Order; Corrective Order; Administrative Penalty.
280.055 Cease and desist order; corrective order; administrative penalty.— (1) The Chief Financial Officer may issue a cease and desist order and a corrective order upon determining that: (a) A qualified public depository has requested and obtained a release of pledged collateral without approval of the Chief Financial Officer; (b) A bank, savings association, or other financial institution is […]
280.06 – Penalty for Violation of Law, Rule, or Order to Cease and Desist or Other Lawful Order.
280.06 Penalty for violation of law, rule, or order to cease and desist or other lawful order.— (1) The violation of any provision of this chapter, or any order or rule of the Chief Financial Officer, or any order to cease and desist or other lawful order is a misdemeanor of the second degree, punishable as provided […]
280.07 – Mutual Responsibility and Contingent Liability.
280.07 Mutual responsibility and contingent liability.—Any bank or savings association that is designated as a qualified public depository and that is not insolvent shall guarantee public depositors against loss caused by the default or insolvency of other qualified public depositories. Each qualified public depository shall execute a form prescribed by the Chief Financial Officer for such […]
280.08 – Procedure for Payment of Losses.
280.08 Procedure for payment of losses.—When the Chief Financial Officer determines that a default or insolvency has occurred, he or she shall provide notice as required in s. 280.085 and implement the following procedures: (1) The Division of Treasury, in cooperation with the Office of Financial Regulation of the Financial Services Commission or the receiver of the […]
280.085 – Notice to Claimants.
280.085 Notice to claimants.— (1) Upon determining the default or insolvency of a qualified public depository, the Chief Financial Officer shall notify, by first-class mail, all public depositors that have complied with s. 280.17 of such default or insolvency. The notice must direct all public depositors having claims or demands against the Public Deposits Trust Fund occasioned […]
280.09 – Public Deposits Trust Fund.
280.09 Public Deposits Trust Fund.— (1) In order to facilitate the administration of this chapter, there is created the Public Deposits Trust Fund, hereafter in this section designated “the fund.” The proceeds from the sale of securities or draw on letters of credit held as collateral or from any assessment pursuant to s. 280.08 shall be deposited […]
280.10 – Effect of Merger, Acquisition, or Consolidation; Change of Name or Address.
280.10 Effect of merger, acquisition, or consolidation; change of name or address.— (1) When a qualified public depository is merged into, acquired by, or consolidated with a bank, savings bank, or savings association that is not a qualified public depository: (a) The resulting institution shall automatically become a qualified public depository subject to the requirements of the public […]
280.11 – Withdrawal From Public Deposits Program; Return of Pledged Collateral.
280.11 Withdrawal from public deposits program; return of pledged collateral.— (1) A qualified public depository may withdraw from the public deposits program by giving written notice to the Chief Financial Officer. The contingent liability, required collateral, and reporting requirements of the depository withdrawing from the program shall continue for a period of 12 months after the effective […]
280.13 – Eligible Collateral.
280.13 Eligible collateral.— (1) Securities eligible to be pledged as collateral by banks and savings associations shall be limited to: (a) Direct obligations of the United States Government. (b) Obligations of any federal agency that are fully guaranteed as to payment of principal and interest by the United States Government. (c) Obligations of the following federal agencies: 1. Farm credit banks. […]
280.16 – Requirements of Qualified Public Depositories; Confidentiality.
280.16 Requirements of qualified public depositories; confidentiality.— (1) In addition to any other requirements specified in this chapter, qualified public depositories shall: (a) Take the following actions for each public deposit account: 1. Identify the account as a “Florida public deposit” on the deposit account record with the name of the public depositor or provide a unique code for […]